In this episode of B2B Tech Talk, Keri Roberts is joined again by Ed Soo Hoo
, an Innovation & Transformation executive at Lenovo
In our last episode, Ed talked about the intersection of technology and creativity and how to understand and use data in the current time. In this episode, Ed breaks down how a business could utilize and monetize data using a data strategy.
What he talked about:
- The components of a data strategy
- Five actions to take using data strategy
- Storage and security considerations
- Interpreting and monetizing data
- How Lenovo can help businesses with their data needs
Taking a peek at data strategy
COVID catalyzed retail’s renaissance. While some businesses have been able to pivot well, others have meandered in “the fog of indecision,” which has slowed down growth.
To adapt to technological acceleration, businesses need to look at their data strategy. In this post we’ll look at business that we all interact with in some capacity … retail.
Components of a data strategy
Data strategy is about how a business creates and controls their data to drive the desirable action. It’s always reflective of the business priorities and starts with a vision of what the retailer’s ideal future state should look like.
In strategy sessions Lenovo dives deep
with stakeholders to determine the priorities and the dependencies for both the business and the tech teams they work with. There are four targeted outcomes in these deep dive sessions:
1. What is my speed-to-data readiness?
2. What is the quality of that data?
3. How do I scale that data?
4. What are my efficiencies in the processes that I need to address?
Once the business answers those questions, taking into account different variables of media and data types, it can develop a roadmap toward its future state using sequenced initiatives that are measured and tuned as needed.
Five key data strategy actions
The reality is data is limitless in its uses and interpretations
. For retailers, the ultimate goal is to address and deliver a lightning-in-a-bottle experience for the customer at the point of sale and at the point of impulse. To delight the customer and improve profitability using data, businesses need to take these five key actions in their data strategy:
- Modernize and automate store infrastructure to be resilient, flexible and secure.
- Seamlessly blend both physical and digital experiences that fit the needs of customers and employees.
- Redistribute labor for higher value generation tasks and outcomes.
- Remove waste from core operations.
- Personalize consumer experience, from online to in store.
Retailers should store their data in multiple areas at the point of the store using both a hybrid cloud model and the public cloud. Location and access are key drivers to determine the level and investment in security options to secure the flow needed to protect users and provide them appropriate access to each layer of the data.
Monetizing the data
Imagine a retailer taking all the data of the customers in store and online to understand the best categories for their partners on the shelf, and then combine that with local, national and regional elements of datasets.
Then, imagine they map that to the technology platforms of social, mobile, shopping baskets, average sales, etc. This rich data can now drive planning and forecasting and reflect trends by locality, age group and other identifiable datasets.
Data gives strong indicators of what people are willing to pay for, which creates an opportunity for businesses to monetize data by driving valuable information back to the product producers as well as to the consumers. The retailer becomes king of both content and context.
This is part two of a two-part interview with Ed Soo Hoo. Listen to part one here.
Lenovo and Ingram Micro can help you with your custom strategy and help you choose the best products for your needs. Find out how here.